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American Capital Invests $10.8 Million in Leading Supplier to Automotive OEMs

Bethesda, MD - August 25, 2003 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today it has invested $10,800,000 in Formed Fiber Technologies Inc. (FFT), a company formed to purchase Gates Formed-Fibre Products Inc. from Tomkins PLC (NYSE: TKS). FFT is the leading manufacturer and supplier of thermoformed automotive non-woven products for North American automotive OEMs and Tier I suppliers. FFT's products are used as trunk liners and for interior trim applications on cars, SUVs and light trucks. American Capital's investment takes the form of senior subordinated debt with warrants. PNC Business Credit is providing a revolving credit facility and senior term loan. The buyout group Morgenthaler Partners is the equity sponsor and majority shareholder. FFT's management is investing in the equity, and a portion of the equity base is reserved for an employee stock option program. American Capital will own 5.5% of FFT on a fully diluted basis. [more...]

Formed Fiber Technologies Transforms Auto Interiors

Formed Fiber Technologies, Inc. ("FFT"), headquartered in Auburn, Maine, is the industry innovator and technology leader of nonwoven fiber products used for automotive interior trim. Using patented processes, nonwovens are increasingly popular in the manufacture of automobile trunks and other car components. Appealing to carmakers as a more cost-effective alternative to conventional tufted carpeting, formed fiber materials make auto interiors more attractive and functional as well as quieter, lighter, and less expensive. They also "extend" the vehicle's interior with added features such as concealed storage, tailgate trays, tool storage and emergency equipment compartments. FFT's nonwoven products have been rapidly embraced by major automotive OEMs and suppliers. [more...]